Why is Branding Important?
Branding has been around since the late 1980s, but despite its twenty-plus years of being around, people still struggle to define exactly what it is and how it can affect your business.
Brand equity is defined by David Aaker (author if Managing Brand Equity) as “a set of brand assets and liabilities linked to a brand name and symbol, which add to or subtract from the value provided by a product or service” (Source). Essentially, your brand determines how much money you make.
A good brand can mean a good income. So how can you make sure your brand is defined properly? There are 4 parts to creating a brand equity:
- Brand Loyalty: Brand loyalty is a combination of staying loyal to your own brand as well as getting your customers to stay loyal to you. This includes keeping your price at market value (or lower, if possible) and responding to competitive threats.
- Brand Awareness: Know who you are and what you stand by. This sort of familiarity will attract people with similar stances and give you more visibility in your targeted market.
- Brand Association: How do you communicate information, and is it effective? Make sure you’re keeping your blogs and social media platforms up to date so you’re constantly at the front of peoples’ minds.
- Perceived Quality: Give people a reason to buy your product. What makes it so special? Make sure that’s constantly reinforced in everything—your website, your social media, etc. The better people feel about your product, the better it’ll sell.
If you have any other questions about how to create and keep your brand, give Red Mallard a call. We’d be happy to meet with you and discuss what your specific business or product could use to make a better name for itself in your market.